COLLECTIONS ON ACCOUNTS RECEIVABLE Sample Clauses

COLLECTIONS ON ACCOUNTS RECEIVABLE. Prior to the occurrence of any Default or Event of Default, all proceeds of collections of Borrower's accounts receivable received in the Lockboxes shall be collected by Bank and deposited into a the relevant Lockbox Account, and all proceeds of collections of HP UK's accounts receivable shall be deposited directly into the relevant Lockbox Account. Prior to the occurrence of any Default or Event of Default, Bank shall remit any funds collected in the Lockbox Account to Borrower's or HP UK's checking account or other deposit accounts maintained by Borrower or HP UK in accordance with the terms of the Lockbox Agreement. Upon the occurrence and during the continuance of any Default or Event of Default, collections in the Lockbox Account shall be credited to interest, principal, and other sums owed to Bank under this Agreement in the order and proportion determined by Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at Bank's option, be charged to Borrower and HP UK.
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COLLECTIONS ON ACCOUNTS RECEIVABLE. Pursuant to and in accordance with Section 3(c) of the Security Agreement, (i) direct and use commercially reasonable efforts to cause each Account Debtor of an Account Receivable that constitutes Collateral to pay all Proceeds of such Account Receivable into a Controlled Account; provided that, Proceeds of Accounts Receivable are not required to be paid into a Controlled Account to the extent that, in the ordinary course of a Loan Party’s business, the applicable Account Debtor pays or would pay Proceeds of such Accounts Receivable into the Intermediate Investment Account or a Legacy Account, (ii) with respect to any Proceeds of Account Receivables that constitute Collateral received directly by a Loan Party from an Account Debtor that were not so paid into a Controlled Account, cause such Proceeds to be promptly deposited into a Controlled Account and until such time, hold such Proceeds in trust for the Secured Parties segregated from the other funds of such Loan Party and (iii) otherwise comply with Section 3(c) of the Security Agreement.
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COLLECTIONS ON ACCOUNTS RECEIVABLE. (a) Included within Exhibit Z [Pre-Closing Schedule of Inventory, Accounts Receivable, and Accounts Payable] are Seller's estimates of the accounts receivable and bad debt associated with the Business as of the Closing. The Parties shall cooperate, as a part of the determination of the Adjustment Items to determine the final Purchase Price, in revising Exhibit Z after the Closing Date to reflect actual conditions as of the Closing.
Sample 1
COLLECTIONS ON ACCOUNTS RECEIVABLE. Prior to the occurrence of any Default or Event of Default, all proceeds of collections of Borrower's accounts receivable received in the Lockbox shall be collected by Bank and deposited into a the Lockbox Account. Prior to the occurrence of any Default or Event of Default, Bank shall remit any funds collected in the Lockbox Account to Borrower's checking account or other deposit accounts maintained by Borrower in accordance with the terms of the Lockbox Agreement. Upon the occurrence and during the continuance of any Default or Event of Default, collections in the Lockbox Account shall be credited to interest, principal, and other sums owed to Bank under this Agreement in the order and proportion determined by Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at Bank's option, be charged to Borrower.
Sample 1
COLLECTIONS ON ACCOUNTS RECEIVABLE. (i) Included within Exhibit Z are Seller's estimates of the accounts receivable and bad debt associated with the Business as of the Closing. The Parties shall cooperate, as a part of the determination of the final Purchase Price, in revising Exhibit Z to reflect actual conditions as of the Closing.
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Related to COLLECTIONS ON ACCOUNTS RECEIVABLE

  • Collections on Accounts The Agent hereby authorizes the Grantor to collect the Accounts and the Agent may curtail or terminate said authority at any time upon the occurrence and during the continuance of an Event of Default. If required by the Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Accounts, when collected by the Grantor, shall be forthwith (and, in any event, within two Business Days) deposited by the Grantor in the exact form received, duly endorsed by the Grantor to the Agent if required, in a special collateral account maintained by the Agent, subject to withdrawal by the Agent for the account of the Lenders only, as hereinafter provided, and, until so turned over, shall be held by the Grantor in trust for the Agent and the Lenders, segregated from other funds of the Grantor. Each deposit of any such Proceeds shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. All Proceeds constituting collections of Accounts while held by the Agent (or by the Grantor in trust for the Agent and the Lenders) shall continue to be collateral security for all the Guarantee Obligations and shall not constitute payment thereof until applied as hereinafter provided. At such intervals as may be agreed upon by the Grantor and the Agent, or, if an Event of Default shall have occurred and be continuing, at any time at the Agent's election, the Agent shall apply all or any part of the funds on deposit in said special collateral account on account of the Guarantee Obligations in such order as the Agent may elect, and any part of such funds which the Agent elects not so to apply and deems not required as collateral security for the obligations shall be paid over from time to time by the Agent to the Grantor or to whomsoever may lawfully be entitled to receive the same. Upon the occurrence of an Event of Default that is continuing, at the Agent's request, the Grantor shall deliver to the Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Accounts, including, without limitation, all original orders, invoices and shipping receipts.

  • Accounts Receivable; Accounts Payable All accounts receivable of Emergent and its Subsidiaries reflected in the Interim Financial Statements and all accounts receivable that are reflected on the books of Emergent and its Subsidiaries as of the Closing Date (net of allowances for doubtful accounts as reflected thereon and as determined in accordance with GAAP) are obligations arising from sales actually made or services actually performed in the Ordinary Course of Business arising in connection with bona fide arm’s length transactions with Persons who are not Affiliates of Emergent or any of its Subsidiaries, constitute valid undisputed claims and are not, by their terms, subject to defenses, set-offs or counterclaims. Neither Emergent nor any of its Subsidiaries has received written notice from or on behalf of any obligor of any such accounts receivable that such obligor is unwilling or unable to pay a material portion of such accounts receivable. All accounts payable and notes payable of Emergent and its Subsidiaries arose in bona fide arm’s length transactions in the Ordinary Course of Business and with Persons who are not Affiliates of Emergent or any of its Subsidiaries, and no such account payable or note payable is materially delinquent in its payment.

  • Collection of Accounts Receivable Without limiting the generality of the provisions of Section 5.2, prior to the Closing, Seller and its Subsidiaries shall collect all Accounts Receivable in the ordinary course of business, consistent with Seller’s and its Subsidiaries’ past practice with respect to the Acquired Assets. From and after the Closing, Purchaser shall have the sole right and authority to collect for its own account all Accounts Receivable and to endorse with the name of Seller and its Subsidiaries any checks or drafts received with respect to any such Accounts Receivable. Seller agrees to deliver promptly to Purchaser all cash, checks or other property received directly or indirectly by Seller and its Subsidiaries with respect to such Accounts Receivable, including, without limitation, any amounts payable as interest thereon. From and after the Closing, unless specifically requested by Purchaser, Seller and its Subsidiaries shall not contact any current or former customer regarding any Accounts Receivable and shall refer promptly to Purchaser all inquiries with respect to any Accounts Receivable. If and to the extent requested by Purchaser, Seller and its Subsidiaries shall take such actions as may be reasonably necessary or advisable to facilitate the collection of any Accounts Receivable; it being agreed and understood that customers of the Acquired Business may also be customers of Seller’s and its Subsidiaries’ businesses with whom Seller and its Subsidiaries may have continuing business relationships. If not collected within 90 days from the Closing Date, Seller and its Subsidiaries shall pay promptly to Purchaser the amount of any uncollected Accounts Receivable in cash, and Purchaser shall assign and transfer back to Seller and its Subsidiaries each such Accounts Receivable for collection by Seller and its Subsidiaries; provided that Seller and its Subsidiaries shall not take any action in connection with such collection that would adversely affect Purchaser’s ongoing business relationship with the customer(s).

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • Accounts Receivable and Accounts Payable 7 (a) General.....................................................7 (b)

  • Bank Accounts; Receivables (a) Part 2.7(a) of the Disclosure Schedule provides accurate information with respect to each account maintained by or for the benefit of the Company at any bank or other financial institution.

  • Accounts Receivables The accounts receivable reflected on the Financial Statements and all accounts receivable arising thereafter have arisen from actual and bona-fide transactions in the Ordinary Course of Business consistent with the past practice and are valid and enforceable against the obligors of such accounts receivable, and other than cash discounts in the Ordinary Course of Business consistent with past practices or reserves for bad-debts accrued in accordance with the Accounting Principle, there have been no claims, or any threat of any such claims, of set-off, refusal of payment or other counterclaims relating to the existence thereof or all or any part of the amount thereof. The accounts receivables are collectible in full in accordance with the Ordinary Course of Business consistent with past practice.

  • Accounts Receivable and Payable The accounts receivable reflected on the Financial Statements arose in the ordinary course of business and, except as reserved against on the Financial Statements, are collectible in the ordinary course of business and consistent with past practices, free of any claims, rights or defenses of any account debtor. No accounts payable of the Company are over forty-five (45) days old.

  • Collection of Receivable Payments; Modifications of Receivables (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect thereto, including directing the Issuer to sell the Receivables pursuant to Section 4.3(c). The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable.

  • Notes and Accounts Receivable All notes and accounts receivable of the Company, all of which are reflected properly on the books and records of the Company, are valid receivables subject to no setoffs, defenses or counterclaims, are current and, to the Company's Knowledge, collectible subject in each case only to the reserve for bad debts set forth on the face of the Most Recent Balance Sheet as adjusted for operations and transactions through the Closing Date in accordance with the past custom and practice of the Company.

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